A total of 20 fertiliser-blending plants will be revamped by September 2018, the Nigeria Sovereign Investment Authority, NSIA has said.
Bloomberg reports show that the authority has revamped 11 fertiliser-blending plants this year, which delivered six million bags of fertiliser at 30 per cent below market prices.
This is apparently towards the implementation of President Muhammadu Buhari’s initiative to boost farming output and reduce the economy’s dependence on oil.
The 11 plants which delivered six million bags of fertiliser at 30 per cent below market prices halted government subsidies, and created 50,000 jobs thereby saving the government N50 billion ($139 million) in would-be subsidies this year, the report showed.
Uche Orji of the Nigerian Sovereign Investment Authority in an interview,Wednesday, disclosed that NSIA plans to rehabilitate nine other fertiliser-blending plants within a year.
Mr. Orji also said the government’s contribution stands at $1.5 billion, with the rest including funds owned by the institution and those managed for several government agencies.
“At the moment, agriculture is our number one area of investment,” Mr. Orji said
Nigeria’s sovereign wealth fund stood at $2 billion this month with the investment agency seeking further growth through agriculture and the addition of asset management, the report showed.
“That’s the major line of conversation we are having with various agencies and various arms of the government,” Mr. Orji said.
He disclosed that the fund is considering oil and gas investments and would soon announce a joint venture in health care with a partner but he declined to name.
Nigeria’s economy expanded in the second quarter by 0.55 percent as agricultural and oil output increased, ending its worst slump in 25 years.